The Metropolitan Police reveals seizure of 60,000 BTC from Chinese investment scam
The Metropolitan Police has recently disclosed the seizure of more than 60,000 BTC from a major Chinese investment scam scheme. This revelation was made during a court hearing in London on Jan. 30, as part of the ongoing trial of Jian Wen, who is accused of laundering Bitcoin for her former employer, Yadi Zhang.
Bitcoin recovery from safe deposit box
According to a Financial Times report, the police recovered over 61,000 Bitcoin (BTC) in 2018 from four separate devices stored in a safe deposit box. The cryptocurrency was successfully retrieved in 2021 without providing further details.
Zhang’s investment scam and Wen’s involvement
The prosecution alleges that tens of thousands of Bitcoins originated from an investment scam conducted by Zhang between 2014 and 2017, targeting more than 128,000 investors. Zhang is currently at large. Wen is accused of assisting Zhang in converting the illicit Bitcoin into cash, jewelry, and luxury items.
Another significant case in January
In addition to this case, German authorities recently seized around 50,000 BTC in a joint operation targeting an illicit online file-sharing service. The investigation involved Saxony state prosecutors, Germany’s Federal Criminal Police Office, and the U.S. Federal Bureau of Investigation.
Hot Take: Authorities crack down on crypto-related crimes
The seizure of large amounts of Bitcoin in recent cases demonstrates authorities’ efforts to combat crypto-related crimes. These actions serve as a warning to scammers and fraudsters who exploit cryptocurrencies for illegal activities. As the popularity and adoption of cryptocurrencies continue to rise, law enforcement agencies are stepping up their measures to ensure the integrity and security of the digital asset space. It is crucial for individuals to exercise caution, conduct thorough research, and only engage with legitimate crypto investments and platforms.
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